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Publication numberWO2008013916 A3
Publication typeApplication
Application numberPCT/US2007/016856
Publication dateDec 18, 2008
Filing dateJul 27, 2007
Priority dateJul 28, 2006
Also published asUS7949596, US8195557, US8311930, US8392320, US8566225, US8600862, US8738484, US20080228622, US20080228623, US20090030828, US20090070250, US20090125431, US20090157539, US20100332374, US20110231298, US20120209758, US20130054444, US20140019328, US20150095209, WO2008013776A2, WO2008013776A3, WO2008013828A2, WO2008013828A3, WO2008013916A2, WO2008013917A2, WO2008013917A3, WO2008024172A2, WO2008024172A3, WO2008027124A2, WO2008027124A3
Publication numberPCT/2007/16856, PCT/US/2007/016856, PCT/US/2007/16856, PCT/US/7/016856, PCT/US/7/16856, PCT/US2007/016856, PCT/US2007/16856, PCT/US2007016856, PCT/US200716856, PCT/US7/016856, PCT/US7/16856, PCT/US7016856, PCT/US716856, WO 2008/013916 A3, WO 2008013916 A3, WO 2008013916A3, WO-A3-2008013916, WO2008/013916A3, WO2008013916 A3, WO2008013916A3
InventorsPaul Adcock, Michael Cormack, Amy Farnstrom, Thomas F Haller, Robert Hill
ApplicantArchipelago Holdings Inc, Paul Adcock, Michael Cormack, Amy Farnstrom, Thomas F Haller, Robert Hill
Export CitationBiBTeX, EndNote, RefMan
External Links: Patentscope, Espacenet
Discretionary order in an electronic guaranteed entitlement environment
WO 2008013916 A3
Abstract
An enhanced system and method for handling, matching and executing discretionary orders in an electronic options environment is disclosed. Market maker entitlements are integrated with the discretionary order processing, so that the market maker is guaranteed an allocation of the trade if the market maker is at the NBBO when an incoming discretionary order priced at or better than the NBBO is received. If the incoming discretionary order cannot execute at the NBBO using its display price, then it will use as much discretion as is required to participate in a market maker entitlement if the market maker is quoting at the NBBO, and to execute against the order book and route to away markets quotations at the NBBO. Once posted to the order book, only the display price of a discretionary order is eligible for preferential execution in a market maker entitlement process.
Patent Citations
Cited PatentFiling datePublication dateApplicantTitle
US20050240510 *Aug 30, 2004Oct 27, 2005Uwe SchweickertIntegrated order matching system combining visible and hidden parameters
US20050283427 *Jun 21, 2005Dec 22, 2005Fx Engines, Inc.Automated trading system and software for financial markets
US20060031157 *Oct 14, 2005Feb 9, 2006Gianakouros Nicholas PMethod and system for facilitating automated interaction of marketable retail orders and professional trading interest at passively determined prices
US20060149659 *Nov 30, 2005Jul 6, 2006Carone Anthony JHybrid trading system for concurrently trading through both electronic and open-outcry trading mechanisms
Classifications
International ClassificationG06Q40/00
Cooperative ClassificationG06Q30/06, G06Q40/00, G06Q40/06, G06Q40/04
European ClassificationG06Q30/06, G06Q40/00, G06Q40/04, G06Q40/06
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